Jakarta. Pertamina has placed an order for 15 medium-range tanker ships from Hyundai Mipo Dockyard worth more than $700 million, the state-run oil company announced on Thursday.

The sale and purchase agreement between subsidiary Pertamina International Shipping and Hyundai was signed recently in Mokpo, South Korea.

Pertamina specifically requested five tankers to carry oil fuel, five to transport crude oil, and five to carry petrochemical products.

Each tanker will have a capacity of 50,000 tons to be built until 2026.

“Fleet rejuvenation is our strategic move to strengthen reliability in fulfilling the growing market demands,” Pertamina International Shipping CEO Yoki Firnandi said in a statement.

The selection of Hyundai as the supplier of the new tankers was based on the company’s procurement standards with strict technical, financial, and competence requirements, he added.

The new tankers will be fitted with double hulls to withstand collision in accordance with the International Maritime Organization’s regulations, Yoki said.

Hyundai Mipo Dockyard has earned a reputation as a reliable shipbuilding company with an international reach, he said.

Pertamina International Shipping has targeted to operate 130 vessels by 2025. Since 2019, the company has acquired 11 new tankers, including two very large crude carriers (VLCC) named “Pertamina Pride” and “Pertamina Prime” and a very large gas carrier (VLGC) named “Pertamina Gas Amaryllis”. 

The company currently has 97 vessels operating across 26 international routes.

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